New York State Common Retirement Fund Trims Stake in Cummins Inc. (NYSE:CMI)

New York State Common Retirement Fund lowered its stake in shares of Cummins Inc. (NYSE:CMI) by 7.9% during the 4th quarter, Holdings Channel.com reports. The institutional investor owned 143,642 shares of the company’s stock after selling 12,404 shares during the period. New York State Common Retirement Fund’s holdings in Cummins were worth $34,412,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also bought and sold shares of the company. OFI Invest Asset Management purchased a new stake in Cummins in the third quarter worth about $25,000. Silver Oak Securities Incorporated purchased a new stake in Cummins in the third quarter worth about $28,000. Global Wealth Strategies & Associates purchased a new stake in Cummins in the third quarter worth about $29,000. Annis Gardner Whiting Capital Advisors LLC purchased a new stake in Cummins in the third quarter worth about $39,000. Finally, Peoples Bank KS purchased a new stake in Cummins in the third quarter worth about $43,000. Hedge funds and other institutional investors own 83.46% of the company’s stock.

Cummins Stock Down 0.3 %

Shares of Cummins stock opened at $291.40 on Friday. The company has a market cap of $39.85 billion, a price-to-earnings ratio of 56.25, a price-to-earnings-growth ratio of 1.99 and a beta of 1.04. The company’s 50 day moving average is $282.84 and its 200 day moving average is $250.18. Cummins Inc. has a twelve month low of $203.18 and a twelve month high of $304.24. The company has a quick ratio of 0.74, a current ratio of 1.18 and a debt-to-equity ratio of 0.48.

Cummins (NYSE:CMI) last issued its quarterly earnings data on Tuesday, February 6th. The company reported $4.14 earnings per share for the quarter, missing analysts’ consensus estimates of $4.41 by ($0.27). The company had revenue of $8.54 billion for the quarter, compared to the consensus estimate of $8.10 billion. Cummins had a net margin of 2.16% and a return on equity of 25.68%. The firm’s revenue for the quarter was up 9.9% on a year-over-year basis. During the same quarter last year, the company earned $4.52 EPS. Research analysts anticipate that Cummins Inc. will post 18.34 EPS for the current year.

Cummins Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, March 7th. Investors of record on Friday, February 23rd were given a dividend of $1.68 per share. The ex-dividend date was Thursday, February 22nd. This represents a $6.72 dividend on an annualized basis and a yield of 2.31%. Cummins’s dividend payout ratio (DPR) is 129.73%.

Insiders Place Their Bets

In other Cummins news, VP Sharon R. Barner sold 2,100 shares of the stock in a transaction that occurred on Wednesday, February 28th. The shares were sold at an average price of $271.29, for a total value of $569,709.00. Following the transaction, the vice president now directly owns 16,899 shares in the company, valued at $4,584,529.71. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other Cummins news, VP Sharon R. Barner sold 2,100 shares of the stock in a transaction that occurred on Wednesday, February 28th. The shares were sold at an average price of $271.29, for a total value of $569,709.00. Following the transaction, the vice president now directly owns 16,899 shares in the company, valued at $4,584,529.71. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Jennifer Rumsey sold 739 shares of the stock in a transaction that occurred on Friday, February 16th. The stock was sold at an average price of $266.91, for a total transaction of $197,246.49. Following the completion of the transaction, the chief executive officer now owns 2,698 shares in the company, valued at $720,123.18. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 51,289 shares of company stock worth $13,576,838. Company insiders own 0.56% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities research analysts have weighed in on CMI shares. TD Cowen upped their price objective on shares of Cummins from $260.00 to $272.00 and gave the stock an “outperform” rating in a report on Wednesday, February 7th. JPMorgan Chase & Co. increased their price target on shares of Cummins from $245.00 to $275.00 and gave the company an “underweight” rating in a report on Monday, March 25th. TheStreet cut shares of Cummins from an “a-” rating to a “c+” rating in a report on Tuesday, February 6th. Truist Financial started coverage on shares of Cummins in a report on Thursday, March 14th. They set a “hold” rating and a $303.00 price target on the stock. Finally, Evercore ISI increased their price target on shares of Cummins from $231.00 to $244.00 and gave the company an “in-line” rating in a report on Tuesday, February 20th. Two analysts have rated the stock with a sell rating, three have given a hold rating and six have given a buy rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus price target of $279.70.

Cummins Company Profile

Cummins Inc designs, manufactures, distributes, and services diesel and natural gas engines, electric and hybrid powertrains, and related components worldwide. It operates through five segments: Engine, Distribution, Components, Power Systems, and Accelera. The company offers diesel and natural gas-powered engines under the Cummins and other customer brands for the heavy and medium-duty truck, bus, recreational vehicle, light-duty automotive, construction, mining, marine, rail, oil and gas, defense, and agricultural markets; and offers parts and services, as well as remanufactured parts and engines.